The following facts pertain to a non-cancelable lease agreement between Cullumber Leasing Company and Marin...
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Accounting
The following facts pertain to a non-cancelable lease agreement between Cullumber Leasing Company and Marin Company, a lessee. The collectibility of the lease payments by Cullumber is probable. Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2025 and 2026. Marin's annual accounting period ends on December 31. Reversing entries are used by Marin. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15. Record journal entries in the order presented in the
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